1. Vietnam Today
Daily Market Commentary
23 March 2012
Marc Djandji CFA
Head of Research
marc.djandji@vcsc.com.vn
+84 8 3914 3588, ext 116
VN30 Activity
VN30 Index
512.8
+1.4%
Volume (mn)
26.1
+5.7%
538.4
+17.0%
Value (VND bn)
Index
540
Volume
60
510
40
480
20
450
0
12/3 14/3 16/3 20/3 22/3
HSX Activity
VN Index
454.1
+1.9%
Volume (mn)
88.1
+8.0%
Value (VND bn)
1212
Got Milk? Markets gain as investors rush for
Vinamilk
Domestic shares jumped on high market excitement – Despite global markets
slump on fears of China and Eurozone’s slowdown, domestic shares ended the
week in positive territory. The indices saw strong jump in the afternoon session
following supports from blue-chips, in which VNM contributed close to 25% of
today’s market gains as it announced it would raise its cash dividend payment.
The stock quickly hit its ceiling after the news came out, while most of other stocks
moved in sync to boost the index.
VNM’s AGM spurs confidence – The company reported VND22,070bn in
revenue (+37% Y-o-Y) and VND4,218bn in net profit (+17% Y-o-Y). If we exclude
the extraordinary income from the sales of the instant coffee factory in 2010, net
profit grew 28% in 2011. At FY2011 EPS of VND7,717, VNM is trading at a trailing
PER of 12.4x. VNM’s management is guiding for a 20% top-line growth and 11.2%
bottom-line growth in 2012. That translates to 2012 EPS of VND8,436 and PER
FY2012F of 11.4x. We think VNM has set a prudent target for 2012, as in the first
two months of the year, which is typically low season; the company has been able
to record 30% growth in revenue and 20% growth in net profit.
+4.8%
Index
460
Volume
150
440
100
420
50
At the AGM, the board of directors approved to increase the 2011 cash dividend
from 30% to 40%. The ex-right date for the second dividend payment of
VND2,000/share is April 10, 2012. Also, Madame Mai Kieu Lien is re-elected as
the Chairwoman of VNM in the next five years, which put to rest concerns that she
was going to retire.
0
400
12/3 14/3 16/3 20/3 22/3
HNX Activity
HN Index
Volume (mn)
Value (VND bn)
77,6
+1,9%
117,6
+12,2%
1182,3
+16,3%
Index
80
Volume
150
75
100
70
50
65
0
12/3 14/3 16/3 20/3 22/3
VNM continues to lead the condensed milk and yogurt markets with more than
80% market shares. Liquid milk shows strong growth as market share has
increased to 47% from 43% in 2010, while second player Dutch Lady has c.30% of
the market. Powdered milk has also gained an impressive 30% market share from
23% in 2010 and become a more comparable substitute to other foreign brands
like Abbott and Mead Johnson. We think the growth story of VNM would continue
especially in the liquid and powdered milk segments. The Vietnam factory is
expected to come online in FY13 and double the current liquid milk production,
while the Dielac II factory will start operation in 1Q2013 and increase powdered
milk capacity by four times. We are positive that VNM can continue to gain market
share across its product portfolios on back of its established brand name and
extensive distribution network. In 2011, VNM expanded its distribution reach to
178,000 PoS, one of the largest distributions in the nation.
Foreign Activity
HSX net buy – sell VND bn
+93.4
HNX net buy – sell VND bn
-5.4
Prop Desk Activity
HSX net buy – sell VND bn
+0.2
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2. Vietnam Today
Daily Market Commentary
23 March 2012
The SBV announced five measures to manage monetary policies – The SBV has revealed five
measures to manage monetary policies and banking operation. According to Governor Nguyen Van
Binh, what the central bank and domestic credit institutions had done in the first 3 months was fully
consistent with the orientation the SBV set up. The central bank aims to manage monetary policy
tools, ensure the liquidity of credit institutions, control domestic money supply, reduce interest rates to
suitable levels and govern the exchange rates in line with market signals.
The SBV requests 5 state-run banks to cut lending rates – As a part of its new measures, the SBV
is asking five state-run commercial banks (Agribank, VietinBank, Vietcombank, BIDV, and MHB) to
lower lending rates, reduce operational costs and improve their business performance. They must also
provide measures to reduce costs to the central bank and the Ministry of Finance prior to April 10,
2012 and will have to report to both the SBV and the MOF at the yearend as one criterion to assess
the accomplishment level of their management. This greater control and attention from the SBV should
help maintain liquidity and confidence in the banking system.
Ups and down
The week ended with a rebound in market sentiment and strong jump in the indices in the afternoon
session. The VNIndex shot up above the 450 level with a 8.43-point gain, closing at 454.1, up 1.89%
with advancers outstripping laggards threefold, 194:59, of which half went limit-up. BVH, VIC, VNM
together contributed 5.33 points to the index. VNM quickly hit its ceiling price in the afternoon session
after announcing the plan to raise 2011 cash dividend to 40%, with the proposed record day on April
10, in its AGM today. The VN30 enjoyed 7.3 points to 512.84 (1.44%) with about two-third staying in
the green. High market excitement helped the HNX notch another win of 1.45 points to 77.56 (+1.91%)
with advancers outnumbering laggards 5-to-1, with a half hitting limit-up.
Having maintained steadily high above VND900bn for a recent month, liquidity on the HSX rose 8% in
volume and 4.8% in value to 88.1mn shares traded worth VND1,212bn, mostly from matching orders.
The index’s rally in the afternoon pushed its liquidity contribution to VND450bn, representing 37% of
the total value. Turnover on the HNX increased 12% in volume and 16% in value to VND1182bn
traded on volume of 117.5mn shares.
MBB and SAM were the top movers in terms of volume on the HSX with 6.8mn shares and 4mn
shares traded respectively while MBB and SSI were leaders in terms of value with VND110bn and
VND53.3bn respectively. On the HNX, HBB and PVX impressed the market with 19.5mn shares and
11.6mn shares exchanged respectively worth VND147.5bn and VND138.8bn.
Foreigners extend their net buying streak on the HSX throughout this week with VND93.4bn while
turning to offloading for the first time in the week with VND5.4bn. On the HSX, they focused most of
their investment in banking stocks today including MBB (VND34bn), STB (VND15.7bn), CTG
(VND10.6bn) and VCB (VND9bn) while selling put VND6.3bn of VIC. On the HNX, they divested
mainly HBB (VND11.5bn).
Notable Corporate Actions (events-26 March 2012):
TAC: ex-right date of dividend payment of 2011 in cash, ratio 17%.
SAP: ex-right date of second dividend advance of 2011 in cash, ratio 10% and 8%.
CSM: ex-right date of new share issues (4.225:1 at price 10,000VND/share) for existing shareholders.
News Highlights:
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3. Vietnam Today
Daily Market Commentary
23 March 2012
Vietnam Vinamilk Posts 22% Profit Growth in Jan-Feb
Vietnam Dairy Products Corporation (VNM) or Vinamilk, the leading dairy product maker in Vietnam,
said its pretax profit rose 22% on year in the first two month of this year. Its revenues increased 30%
on year during Jan-Feb, local financial website Cafef.vn reported, citing VNM’s Chairwoman Mai Kieu
Lien, giving no specific figures. VNM targets a net profit of VND4.69 trillion ($223.33 million) on
revenues of VND26.48 trillion this year, rising 11.1% and 20% on year, respectively. It targets an
annual 10% net profit growth and 20% revenues growth in the period of 2012-2016. The figures are
expected to reach VND6.87 trillion and VND54.9 trillion, respectively, in 2016.
Vietnam REE Targets Net Profit of VND592B in 2012
Refrigeration Electrical Engineering Corporation (REE), targets a net profit of VND592 billion ($28.19
million) this year, rising 15.3% from a year earlier. Its revenues are set to increase 26.1% on year to
VND2.28 trillion in 2012. REE plans to issue VND557.85 billion ($26.56 million) worth of bonds to
strategic partners in the second quarter, aiming to raise its registered capital to VND2.7 trillion from
current VND2.45 trillion. At end-2011, its total assets were VND5.3 trillion, including equity of VND3.87
trillion.
Vietnam Builder PVX to Issue 137.49M Shares to Strategic Partners
PetroVietnam Construction Joint Stock Corporation (PVX), an affiliate of Vietnam Oil and Gas Group,
has approved a plan to issue 137.49 million new shares to four strategic partners at VND10,000 each.
Of the amount, PVX will offer 110 million shares to Vietnam National Oil and Gas Group or
PetroVietnam, 15 million shares to Dong Thanh Import Export Construction Co., 8.4 million shares to
PVV Investment and Material JSC, and 4.09 million shares to Ocean Commercial Bank (OceanBank).
PVX made a consolidated net profit of VND302.92 billion on revenues of VND9.48 trillion last year,
down 48.4% and up 30% on year, respectively.
Vinaconex Offshoot VCS to Issue 2.64M New Shares
Vinaconex Advance Compound Stone JSC (VCS) plans to offer 2.64 million new shares to its staff.
VCS also expects to sell between 5% and 10% stake to strategic partners, with total minimum value of
between VND26.4 billion and VND53 billion. The shares will be offered to the staff and strategic
partners at not below VND10,000 each. VCS targets a pretax profit of VND150 billion ($7.14 million)
on revenues of VND1.15 trillion this year, rising 14.1% and 19.5% on year, respectively. At end-2011,
its total assets were VND2.7 trillion, including equity of VND1.04 trillion.
Vietnam Trading Firm SDP Targets Profit of VND18.94B in 2012
Song Da Trading & Transport Joint Stock Company (SDP) targets a consolidated pretax profit of
VND18.94 billion ($902,000), and a dividend payout equivalent to VND1,000/share this year.
Revenues are expected to reach VND785.21 billion in 2012, SDP said on its website. In 2011, the
company made a consolidated net profit of VND5.7 billion on revenues of VND874.69 billion, down
51.1% and 8.3% on year, respectively.
Vietnam Becamex IJC Mobilizes VND2.2T via Share Sales
Becamex Infrastructure Development JSC (IJC) mobilized VND2.2 trillion ($104.76 million) from selling
219.36 million new shares to existing shareholders. The proceeds were used to invest in IJC urban
project in the southern province of Binh Duong, the company said in a statement sent to the bourse.
IJC made a net profit of VND314 billion ($14.95 million) on revenues of VND1.32 trillion last year, up
48% and 3.8 folds on year, respectively. At end-2011, its total assets were VND4.38 trillion, including
equity of VND3.14 trillion.
See important disclosure at the end of this document
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4. Vietnam Today
Daily Market Commentary
23 March 2012
Vietnam Material Supplier PHT Targets 2012 Profit at VND35B
Phuc Tien Trade Manufacture JSC (PHT) targets a pretax profit of VND35 billion ($1.67 million) this
year. Its revenues are set to reach VND1.8 trillion in 2012. PHT made a consolidated net profit of
VND28.44 billion on revenues of VND1.45 trillion last year, down 32.4% and 6.5% on year,
respectively. Its total assets fell 10.8% from end-2010 to VND577.33 billion, including equity of
VND306.59 billion at end-2011.
Vietnam Trading Firm TMC Nets Profit of VND260M in Jan-Feb
Thu Duc Trading and Import-Export JSC (TMC) posted a net profit of VND260 million ($12,400) in the
first two months of this year. Its revenues were VND326 billion, meeting 15.5% of the whole-year plan,
local financial website Cafef.vn reported on March 23. In February, the company suffered a loss of
VND330 million while revenues increased 11% on month. TMC made an audited net profit of
VND19.98 billion on revenues of VND2.07 trillion last year, down 4.7% and up 25.5% on year,
respectively.
Vietnam Trading Firm TNA Targets Profit of VND50B in 2012
Thien Nam Trading Import Export JSC (TNA) targets a pretax profit of VND50 billion ($2.38 million)
this year. Revenues are set to reach VND1 trillion in 2012, TNA said in a statement posted on its
website. The trading company plans to pay a dividend equivalent to between VND2,000/share and
VND2,500/share for 2012. In 2011, TNA earned an audited net profit of VND40.13 billion on revenues
of VND1.06 trillion, falling 42.2% and rising 24% on year, respectively.
Vietnam Tobacco Firm NST Targets 12.8% Profit Growth in 2012
Ngan Son Joint Stock Company (NST), a subsidiary of Vietnam National Tobacco Corporation, targets
a net profit of VND28 billion ($1.33 million) this year, rising 12.8% from a year earlier. The company
expects to have revenues of VND690 billion, an on-year growth of 10.9%, NST said in a statement
posted on its website. NST plans a dividend payout equivalent to VND1,800/share for 2012. The
tobacco manufacturer made an audited net profit of VND18.58 billion on revenues of VND622.31
billion last year, up 20% and 18.3% on year, respectively.
Vietnam Container Firm HDO Targets 2012 Profit of VND16B
Hung Dao Container JSC (HDO) targets a net profit of VND16 billion ($762,000) this year. Revenues
are set to reach VND215 billion in 2012, HDO said in a statement sent to the bourse, without giving
comparative figures. HDO also plans to pay a dividend equal to VND1,500/share for 2012.
Vietnam Insurer PGI to Pay Dividend of VND1,300/share Apr 27
Petrolimex Insurance Joint Stock Co. (PGI) will pay a cash dividend of VND1,300/share for 2011 on
record as of April 05. The company will make the payment on April 27, said Vietnam Securities
Depository. PGI made an audited net profit of VND103.54 billion ($4.93 million) on revenues of
VND1.49 trillion last year, soaring 63.9% and 18.3% on year, respectively.
Vietnam Realty Developer NBB to Pay Dividend of VND1,600/share Apr 26
NBB Investment Corp. (NBB) will pay a cash dividend of VND1,600/share for 2011 on record as of
April 03. The company will make the payment on April 26, NBB said on its website. NBB made a
consolidated net profit of VND69.6 billion ($3.31 million) on revenues of VND412.78 billion last year,
falling 40% and 14.8% on year, respectively.
See important disclosure at the end of this document
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5. Vietnam Today
Daily Market Commentary
23 March 2012
Vietnam Reinsurer VNR to Pay Dividend of VND500/share May 23
Vietnam National Reinsurance or VINARE (VNR) will make a second cash dividend equivalent to
VND500/share for 2011 on record as of April 04. The reinsurer will make the payment on May 23.
VNR made a consolidated net profit of VND294.5 billion ($14.02 million) on revenues of VND657.63
billion last year, up 26.2% and 18.3% on year, respectively.
Vietnam Insurer BIC to Pay Dividend of VND1,000/share Apr 26
BIDV Insurance JS Company (BIC) will pay a cash dividend of VND1,000/share on record as of April
05. The company will make the payment on April 26, said Vietnam Securities Depository. The insurer
targets a pretax profit of VND106 billion and total premiums of VND850 billion this year, rising 5.5%
and 23.3% on year, respectively. The insurer netted a profit of VND78.99 billion ($3.76 million) on
revenues of VND461.78 billion last year.
See important disclosure at the end of this document
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Viet Capital Securities | 5

6. Vietnam Today
Daily Market Commentary
23 March 2012
MARKET SUMMARY
HSX
Change
VN Index
% Change
+8.43
+1.9%
454.1
HNX
Change
HNX Index
% Change
+1.45
+1.9%
77.6
Volume (mn)
88.1
+6.5
+8.0%
Volume (mn)
117.6
+12.8
+12.2%
Value (VND bn)
1212
+55.8
+4.8%
Value (VND bn)
1182.3
+165.3
+16.3%
Gainers
Laggards
Unchanged
Market breadth
194
59
57
95
10
Market breadth
Total
Limit up / down
Unchanged
48
90
124
15
HNX – 10-Day Index Price (LHS) and Volume (RHS, mn shares)
Volume
Index
Laggards
258
Limit up / down
HSX – 10-Day Index Price (LHS) and Volume (RHS, mn shares)
Gainers
Total
Volume
Index
460
150
80
150
440
100
75
100
420
50
70
50
0
65
400
HSX – Order-matching volume
Total volume
HNX – Order-matching volume
mn shares
Unmatched
mn shares
Bid volume
185.1
Bid volume
99.8
Ask volume
138.8
Bid – Ask
46.4
0
12/3 13/3 14/3 15/3 16/3 19/3 20/3 21/3 22/3 23/3
12/3 13/3 14/3 15/3 16/3 19/3 20/3 21/3 22/3 23/3
mn shares
Unmatched
mn shares
Bid volume
Total volume
175.0
Bid volume
61.0
139.5
Ask volume
53.4
Ask volume
Bid – Ask
46.4
Bid – Ask
HSX – Top Movers
35.5
Ask volume
25.5
Bid – Ask
35.5
HNX – Top Movers
Ticker
Volume
Ticker
Traded value
(VND bn)
MBB
6,886,300
MBB
110.1
HBB
19,491,200
HBB
148.5
SAM
4,034,130
SSI
53.3
PVX
11,650,700
PVX
138.8
SSI
2,609,850
EIB
38.7
KLS
7,151,700
KLS
94.0
NVT
2,596,050
HAG
33.9
VND
6,964,400
VND
85.6
IJC
2,590,130
CTG
33.2
SHB
3,705,300
PVS
44.0
HSX – Top Foreign Volume
Ticker
Net Buy
Ticker
Volume
Ticker
Traded value
(VND bn)
HNX – Top Foreign Volume
Ticker
Net Sell
Ticker
Net Buy
Ticker
Net Sell
MBB
2,134,630
IJC
491,560
VCG
179,600
HBB
1,504,800
STB
669,100
KMR
158,000
PVS
172,100
THV
500,000
ITA
475,150
ABT
126,540
PSG
100,000
TCS
85,300
CTG
408,710
LCG
73,950
DBC
80,000
PVX
47,100
325,110
PHR
69,080
CVN
50,000
KHB
40,000
VSH
See important disclosure at the end of this document
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Viet Capital Securities | 6

7. Vietnam Today
Daily Market Commentary
23 March 2012
MARKET SUMMARY
HSX – Foreign Activity
HNX – Foreign Activity
Volume
% of HSX
Value (bn)
% of HSX
Volume
% of HNX
Value (bn)
% of HNX
Bid
9,113,970
10.3%
184.3
15.2%
Bid
1,175,100
1.0%
16.2
1.4%
Ask
3,878,940
4.4%
90.9
7.5%
Ask
2,640,900
2.3%
21.6
1.8%
Bid – Ask
5,235,030
5.9%
93.4
7.7%
Bid – Ask
-1,465,800
-1.3%
-5.4
-0.4%
HSX – Foreign Activity in Last 10 Days (VND bn)
VND bn
500
HNX – Foreign Activity in Last 10 Days (VND bn)
VND bn
250
461.5
202.5
200
300
172.6
93.2 97.4 75.4
43.0
100
-23.9
-100
39.1
93.4
150
100
50
-48.3
5.1
3.3
3.8
14.1
6.8
0
-300
-50
-100
-500
12/3 13/3 14/3 15/3 16/3 19/3 20/3 21/3 22/3 23/3
Vietnam Bond Market Activity Last 10 days (VND bn)
-16.3
-7.3
-5.4
-77.8
12/3 13/3 14/3 15/3 16/3 19/3 20/3 21/3 22/3 23/3
VN Government Bond Yield %
VND bn
13.5%
2,500
13.0%
2,022
2,000
1,674
1,553
1,500
1,000
1,233
12.0%
803
909
11.5%
318
500
0
12.5%
0
79
11.0%
0
10.5%
12/3 13/3 14/3 15/3 16/3 19/3 20/3 21/3 22/3 23/3
Today
1 Week
1 Month
1 yrs 2 yrs 3 yrs 5 yrs 7 yrs 10 yrs 15 yrs
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8. Vietnam Today
Daily Market Commentary
23 March 2012
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9. Vietnam Today
Daily Market Commentary
23 March 2012
Disclaimer
Copyright 2011 Viet Capital Securities Company. All rights reserved. This report has been prepared on the basis of
information believed to be reliable at the time of publication. VCSC makes no representation or warranty regarding
the completeness and accuracy of such information. Opinions, estimates and projection expressed in this report
represent the current views of the author at the date of publication only. They do not necessarily reflect the opinions
of VCSC and are subject to change without notice. This report is provided, for information purposes only, to
institutional investor and retail clients of VCSC, and does not constitute an offer or solicitation to buy or sell any
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